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Expat financial services providers should consider MARD

However, it is only since 2014 that HMRC has been able to issue Advanced Payment Notices to expatriates who have used disputed tax avoidance / tax minimisation schemes. These APNs mean that those under investigation must pay upfront and dispute later.

There are a number of issues to consider for expatriates under investigation, not least for high net worth individuals living abroad who may find themselves unfairly targeted as a result of political motives and internal HMRC investigation targets.

Whatever the case, and whatever the possible rights and wrongs, it is essential that expats respond promptly to local tax authorities operating on behalf of HMRC – and the first component of this should be ensuring reliable expat financial advice together with jurisdictional legal advice.

Once this has been done there may, depending on the individual case, be plenty of scope for challenging the recovery of the claimed liability using MARD procedures.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Spain Axes Expat Mortgage Tax

Euro coinsSpanish property ownership is a fairly common part of many expat wealth management strategies. However, Spanish taxes have been known to present obstacles to some expats in this regard and the uptake of both home ownership and property investment in Spain has suffered as a result.

Previously, the law held that expat buyers must pay mortgage tax out of their own pockets, which, as well as being an administrative annoyance also left many expats feeling a little like second-class citizens; however, with changes recently introduced by parliament, the tax will instead be paid by the bank financing the mortgage, with the new rules taking effect immediately.

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UK bottom of the league for pensions, but all is not lost

Older couple walking in the countrysideIt’s a sad reality that almost every time a pension story breaks in the press, particularly when they’re regarding UK pensions, it’s rarely good news.

Unfortunately, at the beginning of December, British pensioners had to digest what was possibly the most disheartening news for a long while.

A new report from the Organisation for Economic Co-Operation and Development (OECD), which is the world’s largest economic thinktank, has stated that the British state pension is the worst in the developed world, falling below Mexico and Chile.

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